In accordance with the Government’s COVID-19 Guidance, many of us have been required to work at home for some or all of the period since March 2020. There are of course increased costs associated with this such as heating and lighting, metered water charges, telephone and so on. Where these costs have been incurred as a result of being required to work from home, they are tax deductible if not reimbursed in full by your employer.
Great! Chancellor Rishi Sunak has extended the Coronavirus Job Retention (‘Furlough’) Scheme again. This time from 1 November to 31 March 2021. But each time the Scheme has been extended, the rules or calculations or both have changed. So what are the key things that you need to be aware of in making claims under the latest (‘new’) Scheme?
The current ‘Exception from Registration Regulations’ mean that some churches are not legally required to register as a charity with the Charity Commission. These regulations are due to come to an end on 31 March 2021. So the question arises as to what happens for these churches beyond next March?
As many of you will know, the current ‘Exception from Registration Regulations’ that mean that some churches are not legally required to register as a charity with the Charity Commission. These regulations are due to come to an end on 31 March 2021. In general, churches are legally required to register with the Charity Commission when their gross income exceeds £5,000 unless they fall within the excepting regulations, in which case, the gross income limit is increased to £100,000.
In our previous article (entitled There may be trouble ahead!), we outlined the evolving story of HMRC’s Trust Registration Service (TRS) and whether or not charities would be required to register with the Service. Penalties will apply for non-compliance so it is important for trustees to understand their obligations.
Our previous article, ‘There may be Trouble Ahead!, alerted churches and charities to the possibility of having to register with HMRC as part of the ‘Trusts Registration Service’ (TRS).
This comes about as a result of implementation of the 5th Money Laundering Directive (5MLD).
When Irving Berlin penned these lyrics, he wasn’t thinking about the burden about to be placed on all UK charity trustees. But the words are strangely appropriate to changes due in a little over 18 months’ time!
This month we bring you three key updates to Gift Aid, including an increase in the individual gift limit for the Gift Aid small donations scheme (GASDS), new HMRC preferences on names, and a reminder about church finances/taxes being a team sport.
We have put together a selection of resources to help you succeed in your Gift Aid endeavours, including HMRC’s model Gift Aid Declarations, and guidance on the Gift Aid Small Donations Scheme; tax relief for higher earners; time limits for claiming Gift Aid; errors and pitfalls in handling donations, and more.
In this quarter's edition of Share Magazine, we referenced the following articles, blogs and briefing papers:
blogs by the Stewardship team and selected guest writers.
Stewardship is the operating name of Stewardship Services (UKET) Limited. Established in 1906.
Registered charity no. 234714, and a company limited by guarantee, registered in England no. 90305.
Registered office: 1 Lamb's Passage, London EC1Y 8AB
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